Edexcel IGCSE (9-1) Commerce Paper 1 - Definitions

¡Supera tus tareas y exámenes ahora con Quizwiz!

registrar of companies

a body responsible for recording details of all limited companies trading in the country

enterprise

a business or a company

limited company

a business organisation that has separate legal identity from that of the owners

sole trader

a business owned by a single person

certificate of incorporation

a document needed before a new company can start trading

Deed of partnership

a legal document that states the official rights of partners

outlet

a point from which goods are sold or distribute

value added tax (VAT)

a sales tax imposed on every stage of production

profitability

ability to make a profit

accrue

accumulation of benefits over time

commercial services

activities such as advertising, transport, and communication in which they assist trade to function

commerce

activities that assist in the exchange and distribution of goods and services

distributor

agent who supplies goods to retailers

workforce

all employed people : all people that work for a company

dividend

amount of money paid to shareholders from profit

output

amount of something produced

entrepreneur

an individual who organises the other factors of production and risks their money in a business venture

annual general meeting (AGM)

annual meeting for the company's shareholder where the board gives a presentation relating to the state and performance of the business

just-in-time

approach to manufacturing that involves storing materials and components as little as possible

protectionism

approach used by a government to protect domestic producers

consumers

are those who buy goods and services for personal use

promotion

attempt to obtain and retain customers by drawing their attention to a firm or its products

needs

basic requirements for human survival

division of labour

breaking down of the production process into small parts; each worker is given a specific task.

venture

business activity, often with risks involved

invoice

business document that contains details such as amount owed and exchange of goods between a buyer and a seller

partnership

business owed by between 2 to 20 people

intermediary

business that acts as a link between buyers and sellers in the chain of distribution

public limited company

company that has shares available to public to buy on the stock exchange

chain of production

different stages of production needed to produce many products

prospectus

document produced by company that wants the public to buy its shares

trade

exchange of goods and services between owners for money

assembly plant

factory where parts are put together to make a finished product

capital

finance provided by the owners of a business

transaction costs

financial costs incurred when goods are exchanged

inventory

goods for resale

intermediate goods

goods produced for businesses

consumer goods

goods purchased by consumers to help satisfy their needs and wants

mass produced

goods that are manufactured in very large quantities

capital goods

goods used to produce other goods

public sector

government organisations that provides goods and services in the economy

industrialisation

growth in the manufacturing sector

constitution

important rules that clearly states how limited companies are structured and governed

mark-up

increasing the price of something to cover additional costs and to increase profitability

requisition form

internal document used in business to request the supply of something that is needed by an employee or department

call centre

large office that specialises in dealing with customer enquiries over the telephone

institutional investor

large organisation such as insurance company that invest large amounts of money in shares and other financial instruments

shrinkage costs

loss of inventory due to theft, shoplifting, or errors and damages to the inventory

stock take

making a detailed record of the total inventories held by a business in a particular point of time

stock market/exchange

market for second hand shares

commission

money earned from the sale of something

severence pay

money given to workers who leave their jobs before the end of their contracts

hub

most important place for a particular activity

sleeping partner

partner who contributes capital takes a share of the profit to place no role in the business

limited partnership

partnership where some partners contribute capital and enjoys a share of appropriate but do not take part in the running of the business

labour

people used in production

wants

people's desire for goods and services

middlemen

person or business that buys goods from producers and sells them on to retailers

credit

practice of buying now and paying later

cooperative

private business that is owned and controlled by the people who uses its products, supplies or services

transaction

process of buying and selling something

production

process which involves converting resources into goods and services

specialisation

production of a limited range of goods by individuals, firms, regions or countries.

tertiary sector

production of services

secondary sector

production that includes converting raw materials into finished and semi - finished goods

primary sector

production that involves extracting raw materials from earth

private sector

provision of goods and services by businesses that are owned by individuals or groups of individuals

productivity

rate at which goods are produced, and the amount produced especially in relation to the work, time and money needed to produce them

factors of production

resources used to produce goods and services

working capital or circulating capital

resources used up in production

m-commerce

retail transaction made online using a mobile phone

e-commerce

retail transactions conducted online

direct services

services aimed directly at consumers

indirect services

services provided by commercial enterprise to support business in the trading process

chairperson

someone in charge of a meeting or directs work of an organization

globalisation

spread of trade, technology, information and jobs across national borders and cultures

economy

system that attempts to solve the basic economic problem

sales tax

tax paid by consumers when buying a good or service

tariffs

tax paid on goods that are imported

advertising

the communication of businesses and its customers where images are shared in the media to encourage the purchase of products

de-industrialisation

the decline in manufacturing

distribution

the delivery of something to other people or places

issue (shares)

the sale of new shares

aids to trade

the services provided to traders like finance, warehousing and transport

fixed capital

the stock of man made resources used to help make goods and services

unincorporated business

those businesses where there is no legal difference between the owner and the business

lead-time

time between placing an order and receiving the delivery

outsource

to arrange for somebody outside the business to carry out work for the business

recruit

to hire somebody to work for a business

sue

to make a legal claim against someone, especially for money because they have harmed you in some way

takeover

to take control of a company by buying the majority of its shares

manufacturing

use of resources such as raw materials to make physical goods

exchange rate

value of one currency in terms of another

provision

when you provide something that someone needs now or the future

limited liability

where a business owner is only responsible for the original amount of money invested in the business

services

where tasks are carried out or facility's provide for customers

interdependence

where the actions of one country or firm have an impact on others

incorporated business

where the business has a separate legal identity from that of its owners

unlimited liability

where the owner of the business is personally responsible for all business debts, possibly beyond the original amount invested

split-shifts

working shift where employees are required to work two or more separate time periods during the day


Conjuntos de estudio relacionados

CE BOARD EXAM TERMINOLOGIES - HIGHWAY ENGIINEERING

View Set

Abeka 7th grade Literature test 9

View Set